Vibra Energia (VBBR3) Q2 2026 earnings summary

Executive summary

• Achieved record growth in branded stations, reaching 7,556, with 230 new stations in Q2 and 385 in H1 2026, and 100 new B2B contracts signed in H1.

• Revenue for the six months ended June 30, 2026 reached R$ 105.4 billion, up from R$ 90.5 billion year-over-year, with net income of R$ 3.97 billion, a significant increase from R$ 916 million in the prior year period.

• Strategy focused on long-term growth, management continuity, and complementary board skills, driving market share gains across all segments year-over-year.

• Maintained supply to customers despite Middle East conflict, focusing on long-term margin consistency and market share expansion.

• Continued combat against market irregularities, driving structural improvements in margins and sector stability.

Financial highlights

• Adjusted EBITDA for the period was R$ 7.7 billion, compared to R$ 3.5 billion in the prior year, reflecting strong operational performance across all segments.

• Operating cash flow reached R$ 3.8 billion, up 367% year-over-year.

• Net debt reduced by R$ 2.6 billion, leverage at 1.3x; net debt now R$ 0.6 billion.

• Shareholder compensation totaled R$ 1.5 billion in H1, with a 4% yield.

• Gross profit for the six-month period was R$ 8.18 billion, up from R$ 4.23 billion year-over-year.

Outlook and guidance

• Expectation of continued margin expansion and volume growth, supported by regulatory advances and network expansion.

• Focus on further deleveraging, disciplined capital allocation, and potential for increased dividends or M&A if opportunities arise.

• The company expects to maintain strong liquidity and leverage ratios, supported by robust cash flow generation.

• No material impact from global minimum tax (Pillar Two) is expected for the current period.

• Anticipate structural margin levels above R$ 200 per cubic meter, even post-conflict.